Birmingham, AL -Capstone Real Estate Investments, LLC (“CREI”) has closed on the sale of Landmark Apartments in Hattiesburg, MS. The transaction was finalized on December 5th, 2018 and marks the second successful real estate sale by CREI in 2018.
Originally acquired by CREI in January 2018, the community has undergone an 11-month transformation to become one of the premier housing options in Hattiesburg, MS. Under CREI management, a full-scale renovation plan was put in place with major improvements being made to all amenity spaces, units and the clubhouse. In less than a year this project has been transformed from a distressed student housing community into to a Class A asset with fully renovated units.
“CREI is very familiar with the Hattiesburg market as we operate two other student housing communities near Landmark Apartments. Through our firsthand knowledge and market research, we identified a unique opportunity to convert an underperforming student housing asset into a highly amenitized apartment community with a unit mix that appeals to a broad range of renters. We are extremely pleased with the outcome from both a leasing and development standpoint.” – Anderson Neighbors, COO.